The objective of this book is to provide an analysis of the Variable Annuity (VA) products. In particular, we focus on the actuarial and financial valuation of two guarantees embedded in VAs, the Guaranteed Minimum Death Benefitt option and the Guaranteed Lifelong Withdrawal Benefit option, derive No-arbitrage pricing models and study the impact of mortality risk. We deal with this products in the light of significant international success obtained by VAs and we believe that perspectives of their development in Italy market and throughout Europe and Asia are favourable.